The invention relates to a bypass valve, particularly a two-way valve for exhaust gas flows from motor vehicles, having a valve housing and an actuating mechanism with a valve flap and two ports for fluid outlet, which are embodied as alternately sealable by the valve flap, and one port for fluid intake, characterized in that at each of the ports for fluid outlet an adapter and sealing ring is provided, arranged at least partially and fluid-tight in the valve housing, wherein the valve flap can be positioned fluid-tight on the adapter and sealing ring.